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Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : This article examines whether educational institutions with receipts up to Rs. 5 crore must obtain RNPO registration to claim exem...
Income Tax : This article explains why ELSS redemption gains are taxable despite offering tax deductions at the time of investment. It highligh...
Income Tax : Learn how the increased Rs. 1.25 lakh exemption and 12.5% LTCG tax rate apply to listed shares and equity mutual funds. The guide ...
Income Tax : The Income Tax Department explains how the e-Verification Scheme addresses mismatches between reported financial transactions and ...
Income Tax : Net direct tax collections for FY 2026-27 grew by 14.64% as of June 17, 2026, driven by higher corporate and non-corporate tax rec...
Income Tax : The CBI apprehended an Income Tax Office Superintendent in Odisha after he was allegedly caught accepting a bribe for deleting a d...
Income Tax : The Income Tax Appellate Tribunal has proposed a priority disposal mechanism for appeals filed up to and including 2022 in respons...
Income Tax : A representation has urged CBDT to merge TDS return codes 1023 and 1024, arguing that both apply to the same contract payments wit...
Income Tax : Association requested CBDT to rationalize CASS 2026 case selection considering the administrative burden caused by implementation ...
Income Tax : ITAT Delhi held that cash deposits arising from recorded and accepted cash sales cannot be added as unexplained cash credits under...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures cannot be equated with call options and that no option premium arose fro...
Income Tax : ITAT Bangalore held that RBI's classification of compulsorily convertible debentures as equity for FDI purposes cannot determine t...
Income Tax : ITAT Delhi held that no disallowance under Rule 8D(2)(ii) could be made where investments yielding exempt income were financed fro...
Income Tax : ITAT Mumbai held that Compulsorily Convertible Debentures retain their character as debt until conversion into equity. It deleted ...
Income Tax : The CBDT has identified specific categories of taxpayers whose returns will be compulsorily selected for complete scrutiny during ...
Income Tax : The Ordinance exempts interest income and capital gains arising from Government securities for Foreign Institutional Investors and...
Income Tax : The Central Government has specified infrastructure sub-sectors from the Updated Harmonised Master List as eligible businesses und...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, enabling eligible donations to qualify for tax benef...
Income Tax : CBDT has granted scientific research approval under the Income-tax Act, 2025, allowing eligible donations to qualify for tax benef...
Section 79 has no application in the absence of change in the beneficial voting power. Even after transfer of shares in the assessee company by its ultimate holding company to its another subsidiary, beneficial ownership of the assessee company continued to vest with the same holding company and therefore provisions of section 79 would not apply.
Deduction of TDS under section194C always remain a confusing section. It may be due to its drafting or similarity with other section like 194H, 194J etc. In this Article it is endeavour to remove confusion and provide solution in respect of applicability of 194C considering some day in day out transactions based on various Circular/Clarification, […]
Joint Development Arrangement (JDA) has always been a bone of contention between the assessee and the tax department. The dispute lies is in measuring the correct amount of tax both under Direct and Indirect Taxes. Hence it has always been an area of litigation. But inspite of this fact, JDA is the most common and […]
Changes In Compliance For Authorized Dealers And Tour Operators As Passed In The Finance Act, 2020. Introduction: The Finance Bill, 2020 which has been passed in the Lok Sabha has come up with a plethora of amendments in the Income Tax act, 1961. Additional compliance have been put on tour operators as well as authorized […]
Every seller, whose total sales, gross receipts or turnover from the business carried on by him exceed ₹ 10 Crores during the FY 2019-20 & onwards, who receives any amount as consideration for sale of any goods (excluding exports) of the value or aggregate of such value exceeding ₹ 50 Lakhs in any previous year shall at the time of receipt of such amount collect a sum equal to 0.1% of the sale consideration exceeding ₹ 50 Lakhs as Tax Collected at Source (TCS) from the buyer.
Pursuant to the current epidemic situation of COVID-19, the Central Board of Direct Taxes (“CBDT”) has vide its order dated 31.03.2020 issued clarification with respect to Lower/Nil TDS deduction certificate and Lower/Nil TCS collection certificate. The clarifications issued by CBDT are as follows: 1. All the assessees who have applied for lower/nil deduction or collection […]
1. Further to my Article ‘Retirement Benefits and Tax Liabilities‘ dated 09 April 2020, the major challenge with the person is where to invest the retirement money to get steady inflow and live life without any financial stress Depending on individual’s financial health, physical health and family commitments, various options may be evaluated. 2 Emergency […]
> A special fund “Prime Minister’s Citizen Assistance and Relief in Emergency Situations Fund (PM CARES FUND)” has been set up for providing relief to the persons affected from the outbreak of Corona virus. Therefore, section 80G has amended to provide the same tax treatment to PM CARES Fund as available to Prime Minister National […]
Due to outbreak of the pandemic COVIT-19, there is severe disruption in the normal working of almost all the sectors of economy including income tax department. In such a scenario, to mitigate hardships of assessee as well as officers, the CBDT issues various direction / clarifications by exercising of its powers A. Extension of Validity […]
Amendments in the Provisions of of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) applicable from Assessment Year 2021-22 (i.e Financial year 2020-21) Through the Finance Act 2020 (which have received the assent of the President of India on 27th March 2020), the Central Government has made various amendments to existing provisions […]
